Personal products retailer Bath & Body Works (BBWI) has been on a roller coaster ride in the SIA S&P 500 Index Report for the last six months. Currently it is on an upswing, recently returning to the Green Favored Zone for the first time since March from a short drop down into the red zone. BBWI currently sits in 75th place, after climbing 7 spots yesterday and rising 319 positions in the last month.
Bath & Body Works (BBWI) has been base building since July and it increasingly looks like a new recovery trend may be getting underway. Last month, the shares confirmed above $30.00j. A breakaway gap signaled new interest and since then, the shares have established another higher low and more importantly, have finally snapped their previous long-term downtrend line.
Initial upside resistance appears at the February high near $46.00, followed by the $50.00 round number. Initial support moves up to the $40.00 round number.
Since September, Bath & Body Works (BBWI) has been trading back and forth in a wide channel between $30.00 and $48.00. For the last month, BBWI has been on an upswing, rallying up from near $31.00, completing a bullish Double Top breakout, and climbing toward $42.00, its highest level since February.
Initial upside resistance appears at the February high near $48.40, followed by the $50.00 to $50.40 area where a horizontal count, previous column high and round number converge. Initial support appears near $38.20 based on a 3-box reversal.
With a bullish SMAX score of 8, BBWI is exhibiting strength against the asset classes.
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